Ep. 25 — AI Platforms Hold, Everything Else Sinks

Mega-cap AI is still wearing the crown while small caps, memes, and the frothy AI sidecars get tossed overboard. Oil pops on headlines, energy stocks sink on ESG, and Whirlpool waves a recession flag for the consumer—right as the 10-year creeps higher. We sort the noise from the structural.

Today's stories:

• Intro — Futures shrug oil; why only the platform layer is holding up the tape.
• The Tape — Breadth rolls over; small caps crack; energy equities decouple from crude; risk comes off across AI beta, memes, and crypto.
• The Footnotes — ESG pressure on TotalEnergies, Sherritt exits Cuba, Malaysian bonds hit records with foreign central banks, Apollo moves to daily marks.
• The Nerd Corner — Platform vs derivative AI, nuclear PPAs as rate shields, and the IMF’s concentration risk warning.
• The Calls — We put numbers on QQQ, NVDA, and the 10-year.

The Calls:

• Tom: Nvidia closes ~1.5% lower (around $210); wrong if it reclaims $216 and holds.
• Ray: 10-year yield finishes above 4.41%; wrong if it slips below 4.35%.
• Alex: QQQ closes below 698; wrong if a late-day bid takes out the open.

New episode every weekday before US market open.
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Produced using AI-generated voices.